Choose if the given statement is true/false.

Non-market activities are ones that are done primarily for one's own consumption.

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True

False

answer is A.

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Detailed Solution

The given statement is true.
Non-market activities are ones that are done primarily for one's own consumption. Since they are for personal consumption, these activities don't generate income. The products of non-market activity cannot be sold on the open market or used to make a profit. These actions may involve using primary items for personal consumption or processing them for later use. For instance, a farmer does not plant for financial gain but rather primarily for himself and his family. Palampur's primary industry is farming, but it also engages in small-scale manufacturing, dairy production, transportation, and other related activities. Natural resources, manufactured goods, labour from people, money, and other resources are all needed for these production activities.

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